Student Loan Q&A

Q: What is a private student loan consolidation?

A: A private student loan consolidation allows borrowers the ability to consolidate and refinance one or multiple loans into one loan at a potentially lower interest rate.

Q: Am I eligible?

A: Borrower must meet the following requirements:

• U.S. Citizen or Permanent Resident

• Graduated from eligible school

• Steady, reliable income

• Meet minimum credit requirements

Q: How much can I borrow?

A: Up to $125,000 in undergraduate private student loan debt and up to $175,000 in graduate private student loan debt.

Q: Can I consolidate my federal loans?

A: Federal student loans are eligible.

Q: What repayment options are available?

A: Graduated Repayment: 4 years of interest only payments followed by Level Repayment for the remaining 11 years. This is a preferred option for recent graduates starting at lower salaries who need to manage their current cash flow.

Level Repayment: Requires the same equal payment over the term of the loan and can result in lower interest rate and consistent monthly payment.

Q: How do I apply?

Federal Student Loans

Direct Loan funds will be disbursed directly to your school from the federal government rather than through Community Savings Bank or another Federal Family Education Loan Program (FFELP) servicer or lender. Please contact your school's financial aid office if you have any questions.